Interim relief to Deccan Charters; NCLAT stays Corporate Insolvency Resolution Process
The NCLT admitted Section 7 IBC application against the Deccan Charters, Air Charter Company over a default of approx. Rs. 9 Crore 82 Lakhs.
National Company Law Tribunal
Supreme Court directs ED to conduct exhaustive investigation in money laundering case against Amtek Auto’s former promoters
In 2018, the National Company Law Tribunal approved the resolution plan submitted for Amtek Auto by Liberty House, which was settled with 80% haircut for Deccan Value Investors in November 2021
Explained |Ashneer Grover seeks waiver of conditions under Companies Act to pursue case against BharatPe; NCLT issues notice
The NCLT issued a notice and sought BharatPe’s response and fixed the next date of hearing on 04-04-2024.
Gujarat High Court directs NCLT Ahmedabad to permit use of electronic devices during hearings
A notice was posted outside the Court room by the NCLT, Ahmedabad prohibiting the use of mobile phones and other electronic devices.
NCLT orders initiation of Insolvency Process due to default in payment and bounced Post-Dated Cheques
NCLT held that the Corporate Debtor failed to prove a pre-existing dispute to justify the rejection of the Section 9 application.
Default occurred when post-dated cheques bounced; NCLT directs to initiate insolvency process
NCLT held that the Corporate Debtor failed to prove a pre-existing dispute to justify the rejection of the Section 9 application.
Bombay High Court restrains enforcing anti-suit permanent injunction order passed by Singapore High Court; Applied three-pronged test
At this juncture, examining whether the petition filed before the NCLT can be said to be a ‘dressed-up’ petition, would necessarily require a detailed exercise to be carried out by this Court to render findings either way clearly impinging upon the exclusive jurisdiction of the NCLT in deciding such a question.
Arbitrator’s fees to be treated as preferential payments even where CIRP proceedings are pending before NCLT: Madras High Court
Madras High Court said that if the Arbitrators are not paid their fees / costs on account of the moratorium order, the object of arbitration will get defeated, as competent Arbitrators will hesitate to become Arbitrators in a dispute involving Companies facing financial crisis.
NCLT directs RP to approach CoCs for refunds to passengers for cancelled Go Airlines tickets
NCLT seeks response from respondents to the application for refunds to passengers under Section 60(5) of IBC.
An Advocate “for” Vidarbha
by Lavanya Pathak† and Akshay Sharma††
NCLT admits Go Air insolvency plea
A creditor has limited grounds to object to S. 10 of IBC application.
NCLT imposes exemplary cost of ₹ 5 Lakhs on Trimex Industries (P) Ltd for filing frivolous litigation
NCLT imposed cost to restain Trimex Industries (P) Ltd. from filing frivolous applications which consume Tribunal’s valuable resources and time.
[Relief for Homebuyers] NCLT approves resolution plan of Suraksha Realty in Jaypee Infratech case
The National Company Law Tribunal (Delhi Bench) passed orders in favour of aggrieved homebuyers ordering JAL/JIL/Jaypee/RP to continue with adjusting the delay compensation.
Advance paid for purchase of shares of Corporate Debtor does not fall under definition of Financial Debt: NCLT
NCLT held that the amount of advance paid for purchase of shares of the Corporate Debtor does not fall under the definition of Financial Debt as it was not disbursed against the consideration for the time value of money.
Shardul Amarchand Mangaldas | Webinar on Shareholder disputes in India : New challenges and strategies [February 08, 2023]
The Singapore Court of Appeal’s recent landmark judgment in Anupam Mittal v. Westbridge Ventures II Investment Holdings has been making waves for
The Intersection between Arbitration and Insolvency Proceedings: An Indian Perspective
Devna Arora* and Didon Misri**
Order of stay/moratorium under the Companies Act, 2013 prohibits the initiation of any proceedings; Parties cannot be referred to Arbitration: Delhi High Court
The Delhi High Court ruled that the moratorium granted by the NCLAT, staying the institution of suits and proceedings against the Corporate Debtor, after the resolution process was initiated against it under Sections 241 and 242 of the Companies Act, 2013, was akin to an order of moratorium passed under Section 14 of the Insolvency and Bankruptcy Code, 2016.
Delhi High Court| Courts are duty bound to lean towards an interpretation which uphold jurisdiction of a Civil Court in case of suspicion
Section 9 of CPC is also symbolised as the gateway to the civil Courts as it envisages not only the inherent powers of the Civil Courts to entertain any suit of a civil nature, but also the inherent rights of the disgruntled yet hopeful litigants to approach the civil Courts with a huge expectation that they will get justice from this forum, which would adjudicate upon their infracted legal rights and will invoke the legal machinery to protect and vindicate such rights.
Recovering Foreign Award Debts in Insolvency Proceedings
by Kartikey Mahajan, Siddhant Sharma and Jatan Rodrigues
Cite as: 2022 SCC OnLine Blog Exp 87
Reappointment is not a vested right; Gujarat High Court denies to grant any direction to complete the reappointment process of a Judicial Member at NCLT
Gujarat High Court held that a writ cannot be issued to direct the authorities to complete the reappointment process on time